Bitwise Research Head: Sovereign Wealth Funds Selling Gold for Bitcoin

During Bitcoin's decline from 125000 to 60000, none of the 15 major institutions interviewed by Bitwise sold their holdings, with many increasing their investments. Ryan Rasmussen, head of research at Bitwise, discussed the firm's first institutional crypto adoption report, which includes insights from pensions, endowments, foundations, and sovereign wealth funds. These institutions view Bitcoin as a hedge against currency debasement, similar to gold. Key points include Wells Fargo's allocation of 2-3% to Bitcoin, Fidelity and BlackRock's allocations of 2-8%, and the impact of ETFs on the market. Bitwise noted 2.5 billion dollars in weekly ETF inflows and suggested that the Bitcoin bottom was at 60000. Institutions are increasingly holding both Bitcoin and gold, with some sovereign wealth funds reportedly selling gold to acquire Bitcoin.

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